Larry Fink's “asset of fear” take
Scared about debasement? Buy bitcoin. That’s according to BlackRock Chief Larry Fink, who spoke yesterday at the NYTs DealBook Summit.
"You own bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security. The long-term fundamental reason you own it because the debasement of financial assets, because of deficits"
At the same time, he warned that BTC is still heavily driven by leverage (IBIT itself has already experienced three drawdowns of up to 25% since launching) making it a brutal trading vehicle for anyone trying to time the market. His full conversation with Coinbase CEO Brain Armstrong is worth a watch. Read more →
Pomp’s SPAC dumps
We’ve written a few times about Pompliano’s SPAC in the last few weeks (here, here, here). Now that it’s really trading, let’s check in…
December 1 (redemption day): BRR shares drop more than 40%
December 3: Shareholders officially vote to approve the proposed business combination
December 4: In what we can only assume is in response to the 1) the share price 2) major pushback against the executive compensation at BRR, Pompliano announces a “moonshot” compensation structure.
It’s nice to see the compensation change for investors, but will it be enough? The stock is still trading down more than 45% (even with the backing of our favorite huckster being added to the board).
MoneyGram Taps Fireblocks
MoneyGram is teaming up with Fireblocks to handle stablecoin settlements, with Fireblocks providing the “stablecoin infrastructure and a programmable settlement layer.” This will let the remittance giant move value across multiple blockchains in real-time. It’s all a bit ironic – blockchains were originally pitched as a way to replace legacy remittance players like MoneyGram and Western Union. But in today’s post-GENIUS Act world, those same incumbents are now adopting stablecoin rails themselves instead of getting disrupted. Read more →
BitMine adds $150 million in ETH as DAT buying dries up Link»
Binance Appoints Co-Founder Yi He as Co-CEO Link»
Fanatics launches prediction market with Crypto*com Link»
Solmate (SLMT) to Buy RockawayX in All-Stock Deal Link»
Digital Asset Holdings raises $50 million from backers including BNY and Nasdaq Link»
The World Has More Billionaires Than Ever Link»
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